Dow index closes at new record high

Laverne Mann
August 9, 2017

Six of the 11 major S&P sectors were higher, with the consumer staples and technology leading the advancers.

The S&P 500 climbed 0.16 percent and notched its first record close since July 26.

"We've had an exceptional second-quarter earnings season which has given investors confidence", said Eric Wiegand, senior portfolio manager at US Bank Private Client Reserve.

Economic data have also been mostly positive lately.

However, trading volume was relatively light yesterday as investors had little reason to make big bets with the US Congress and President Donald Trump on vacation and a stronger-than-expected earnings season drawing to a close.

Analysts, on average, expect S&P 500 earnings to have grown 12 percent in the second quarter and they project earnings up 9.3 percent for the September quarter, according to Thomson Reuters I/B/E/S.

Stocks are ending slightly lower on Wall Street, ending a 10-day winning streak for the Dow Jones industrial average. The Nasdaq composite outperformed, rising half a percent.

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But Hong Kong continued a month-long advance as traders prepared for more earnings from heavyweights including China Mobile.

JPMorgan Chase rose 1.1 percent and Texas Instruments rose 1.6 percent.

Another consumer stock to look forward to is Tyson Foods Inc.; it manages to increase by tremendous 5.7% after revenues topped forecasts on recent quarter performance report.

Dean Foods slumped 19.18 percent after the largest U.S. dairy processor's quarterly results came in below estimates.

Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States.

Energy stocks also fell along with the price of crude oil. On the Nasdaq, 1,526 issues rose and 1,301 fell.

Other reports by MaliBehiribAe

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